Gold price today December 30: The world is stable, the country is “dancing”

Gold price today December 30: World gold is stable

World gold prices stabilized around $2,070 an ounce on Friday and are expected to end the year higher on firm expectations that the US Federal Reserve will begin cutting interest rates early next year. The metal rose more than 13% in 2023, its first gain in three years and a record high in history. At the time of the survey at 7:30 this morning, December 30, the world gold price was trading at 2,062 USD/ounce.

After implementing a strong interest rate hike cycle starting in early 2022, the US central bank is now expected to begin easing as soon as March 2024 in the context of inflation in the US showing signs of lowering. heat. The Fed’s dovish tone at its December policy meeting, where it signaled more rate cuts in 2024 and beyond, also reinforced that view. Furthermore, rising geopolitical tensions in the Middle East and the prospect of a prolonged war in Gaza have boosted safe-haven demand for gold. Elsewhere, the European Central Bank and the Bank of England said they had no intention of cutting interest rates anytime soon, while other major central banks were expected to follow the Fed in easing policy.

According to experts, gold is expected to trade at 2075.43 USD/ounce at the end of this quarter. Looking forward 12 months, Trading Economics analysts estimate it will trade at $2,144.61 per ounce.

UPS analyst Giovanni Saunovo said the lack of “catalysts” during periods of weak liquidity could help gold stabilize. The next “catalyst” may come from a number of important reports, including the purchasing managers index and employment report in early 2024.

This expert predicts that gold prices will be higher in the next 12 months thanks to weaker economic data and cooling inflation in the US, forcing the US Federal Reserve (Fed) to cut interest rates. Currently, according to the CME FedWatch tool, investors are betting on an 88% chance that the Fed will cut interest rates as early as March.

Gold price today December 30: Domestic gold “dances” continuously, the State Bank said it is ready to increase the supply of gold bars to stabilize the market

After Prime Minister Pham Minh Chinh’s directive to stabilize domestic gold prices, SJC gold prices plummeted for 2 consecutive sessions. Yesterday afternoon, December 29, SJC gold price “fluctuated” around 71.73 million VND/tael purchased and 74.76 million VND/tael sold. Currently, SJC gold prices nationwide are trading at 73 million and 76 million VND/tael of buying and selling.

Specifically, SJC gold prices at currently listed brands are as follows:

SJC gold price in Hanoi and Da Nang area is listed at 73 million VND/tael purchased and 76.02 million VND/tael sold. In Ho Chi Minh City, SJC gold is still buying at the same level as in Hanoi and Da Nang areas but selling is 20,000 VND lower. Thus, compared to yesterday morning, SJC gold price continues to be adjusted down by 1.5 million VND in both directions.

SJC gold bars are being purchased by Phu Quy at the price of 70.5 million VND/tael and sold at 75 million VND/tael, down 2.8 million VND on the buying side and 2.3 million VND on the selling side. PNJ brand gold bar price is listed at 72.5 million VND/tael purchased and 76 million VND/tael sold, down 2 million VND on the buying side and 1.5 million VND on the selling side.

At Bao Tin Minh Chau, SJC gold price has been adjusted down by 2.5 million VND on the buying side and 2.4 VND on the selling side to 70.5 million VND/tael and 74.8 million VND/tael, respectively.

At PNJ, SJC gold is being purchased at 72.5 million VND/tael and sold at 76 million VND/tael.

The difference between world gold price and domestic SJC is currently over 15 million VND/tael.

Facing strong fluctuations in gold prices, Mr. Dao Xuan Tuan, Director of the Foreign Exchange Management Department of the State Bank (SBV) shared his thoughts. According to him, the overarching goal of Decree 24 is to manage the gold market to limit the impact of gold price fluctuations on exchange rates, inflation and macroeconomic stability; Limit “goldenization” in the economy.

In the coming time, the State Bank will continue to coordinate with the Ministry of Public Security and relevant ministries and departments to strengthen inspection and examination in gold business activities.

He said that currently, the State Bank of Vietnam is ready to implement an intervention plan to stabilize the gold market through increasing the supply of SJC gold bars to the market. At the same time, the State Bank is summarizing and evaluating the implementation of Decree 24, which will propose appropriate gold market management solutions.

Unit: x1000 VND/tael